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quality of life is on the up and up stateside we'll talk about some other economic options and the opec of maple syrup has been wrong millions of dollars worth of the hot commodity has been stolen from canada's maple syrup cartel yes cartel i said maple syrup cartel and those are not my words that's according to the new york times we'll talk about it in loose change let's get to today's capital account. in the u.s. as we watch this fiscal cliff charade it honestly sounds just so much like what we were hearing during the debt ceiling debate of two thousand and eleven when lawmakers were bickering and another ratings agency was threatening to drop the u.s. is aaa credit rating and then it of course did now that was met with much fanfare in the beginning but then not many direct consequences the dollar has strengthened against other currencies the u.s. has borrowed at record low rates since and maybe this whole fiscal cliff saga will play out in the exact same way and if another ratings agency in this case downgrades the u.s. so what won't matter and with events that actually do change the
quality of life is on the up and up stateside we'll talk about some other economic options and the opec of maple syrup has been wrong millions of dollars worth of the hot commodity has been stolen from canada's maple syrup cartel yes cartel i said maple syrup cartel and those are not my words that's according to the new york times we'll talk about it in loose change let's get to today's capital account. in the u.s. as we watch this fiscal cliff charade it honestly sounds just so much like what...
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is not the only cartel in town opec of maple syrup has been robbed that's right well discussed later in the exchange but first your closing market numbers. good leverage. to build. which doesn't sound anything. to teach creation why it should care about humans and. this is why you should care only. the be. played. i. took. divine power in action activate the chakras. i am just this for me it is we are under the control of those governing us if i were at the service of a space mafia i found that on that date the magnetic fields of the sun will be folks tend to their death will create a discipline that the stuff. after the second coming it will be a futile place it will receive its paradoxical glory. and it will be a beautiful place. full of the best. will stop this type of ammunition. it's good business for us it's kind of like being a doctor you know there's a disaster businesses. better unfortunately. we speak your language not a day in. the music programs and documentaries and spanish matters to you breaking news a little eternity of angles couldn't stories. for you here. to enjoy
is not the only cartel in town opec of maple syrup has been robbed that's right well discussed later in the exchange but first your closing market numbers. good leverage. to build. which doesn't sound anything. to teach creation why it should care about humans and. this is why you should care only. the be. played. i. took. divine power in action activate the chakras. i am just this for me it is we are under the control of those governing us if i were at the service of a space mafia i found that...
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is not the only cartel in town opec of maple syrup has been robbed that's right well discussed later at least change but first the closing market numbers. i. would be soo much brighter than the moon. from the suns to the question. please please don't top teeth don't come. in. all right let's get straight back with our get eric bryan job on one of the daily reckoning because we're going to talk about some ways to possibly hide your bad based on the risks that might be down the line for the west. one thing that they have both done is gone to nicaragua let's bring up a picture we've got one eric for i took this himself oh yeah that's where you go to head your risk that's what i'm about. but in all seriousness guys what really is the opportunity nicaragua besides like a really nice vacation maybe nothing ok all right fair enough but that's not the worst thing it's number one thing it's not the worst thing that's true let's talk about some of the comparisons you've been writing about i'm ok if you want to talk about government debt and the u.s. spent on an opportunity i agree we can bring
is not the only cartel in town opec of maple syrup has been robbed that's right well discussed later at least change but first the closing market numbers. i. would be soo much brighter than the moon. from the suns to the question. please please don't top teeth don't come. in. all right let's get straight back with our get eric bryan job on one of the daily reckoning because we're going to talk about some ways to possibly hide your bad based on the risks that might be down the line for the west....
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is not the only cartel in town opec of maple syrup has been robbed that's right we'll discuss later in the exchange but first your closing market numbers. speak your language i mean some of the well you know if there. were music programs and documentaries in spanish more matters to you breaking news a little eternity of angola's stories. for you here. in troy altie spanish to find out more visit i two others. secret laboratory was able to build a most sophisticated robot which fortunately doesn't give a darn about anything tim's mission to teach creation why it should care about humans and world this is why you should care only on the dot com. and. i'm at the. the boy . in the. little blue. illinois. the bank . all right let's go straight back with our guest eric bryant joe bowman of the daily reckoning because we're going to talk about some ways to possibly hide your bets based on the risks that might be down the line for the west. one thing that they have both done is gone to nicaragua let's bring up a picture we've got one character i took this himself oh yeah that's where you go
is not the only cartel in town opec of maple syrup has been robbed that's right we'll discuss later in the exchange but first your closing market numbers. speak your language i mean some of the well you know if there. were music programs and documentaries in spanish more matters to you breaking news a little eternity of angola's stories. for you here. in troy altie spanish to find out more visit i two others. secret laboratory was able to build a most sophisticated robot which fortunately...
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is not the only cartel in town opec of maple syrup has been robbed that's right we'll discuss later at least change but first your closing market numbers. well. this month high tech means could help whether it be the latest laser cutters or lifesaving heart rushing innovators are working hard to keep you healthy for some companies it's been a winding road from car simulators to cutting edge training systems for others it's been a lifetime of work along the mysteries of this check it all out on technology are we going to the future. wealthy british style it's time to write. that is not the. markets why not scandals. find out what's really happening to the global economy in the guise of report on r g. p is easy to dismiss. you. need. sixty. which brightened. the bounce from the finest impression. least from stock totty dot com. the bad. it got it. baby. all right let's go straight back with our guest eric frye enjoyable and of the daily reckoning because we're going to talk about some ways to possibly hedge your bets based on the risks that might be down the line for the u.s. one thin
is not the only cartel in town opec of maple syrup has been robbed that's right we'll discuss later at least change but first your closing market numbers. well. this month high tech means could help whether it be the latest laser cutters or lifesaving heart rushing innovators are working hard to keep you healthy for some companies it's been a winding road from car simulators to cutting edge training systems for others it's been a lifetime of work along the mysteries of this check it all out on...
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Dec 12, 2012
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tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range rocket prompting an emergency u.n. security council meeting. >>> employment numbers out of the u.k. look strongerment remembe-- stronger. we thought there might be wider unemployment it fall. the claiming count actually down 3,000. the polls forecasting the number of people claiming unemployment benefits to rise. the jobless number down by 82,000 in the last three months through october. the rate 7.8. the employment up by another 40,000 to 29.601 million. the yen another highest on record. still no pressure from wages, average weekly earnings 1.8%. the annua
tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range...
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Dec 11, 2012
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that's just about where opec members want them. opec will be meeting tomorrow to see who will publicly lead the group. joining us for , zendana hari. good morning. what are your expectations for this meeting? >> we aren't expecting any major surprises so far based on what the ministers coming into the meeting have been saying publicly and even privately. officially, opec will stick to its 30 million a day barrel target. that covers all the members of the group. that would be actually production has been consistently higher ever since this target wab set. almost 1.1 million barrels above the target is what opec has cut into producing. >> heading into a meeting like this, incident isn't just about the supply, it's about demand. we've seen some softening in global production. how much will these countries have to produce next year? is it going to be a demand story ultimately as we look at global growth or is it going to be a supply story, about the middle east and where the flow is actually coming from? >> i think it will be a supply
that's just about where opec members want them. opec will be meeting tomorrow to see who will publicly lead the group. joining us for , zendana hari. good morning. what are your expectations for this meeting? >> we aren't expecting any major surprises so far based on what the ministers coming into the meeting have been saying publicly and even privately. officially, opec will stick to its 30 million a day barrel target. that covers all the members of the group. that would be actually...
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Dec 4, 2012
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and i think opec has apparently been able to manage that but i think on its own, opec is unable to maintain that price if there are real pressures on the demand side. so i think the fact that we've had relative stability around 100, 110 dollars brent is a testimony not only for opec's ability to manage the price, which sink marginal, but a confluence of interests at the moment between both producers and suppliers that this meets somewhere fairly in the middle. >> peter, we've been fairly volatile. a lot of that's down it tto the o geopolitics. and i assume that's the wide card still into 2013. >> iran will be feeling vulnerable. the fact is that over the last few months, it is now producing less than iraq and i think that will increase the feeling of sensitivity on the part of iran. highlighted the threat of instability because it really hasn't got the influence of volume control, so it has to be three more public statements and issues like that. and it tends to put things in the market when there is need for a proos supporice support. >> all right. thanks for that, peter. swiss government
and i think opec has apparently been able to manage that but i think on its own, opec is unable to maintain that price if there are real pressures on the demand side. so i think the fact that we've had relative stability around 100, 110 dollars brent is a testimony not only for opec's ability to manage the price, which sink marginal, but a confluence of interests at the moment between both producers and suppliers that this meets somewhere fairly in the middle. >> peter, we've been fairly...
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and the saudis don't want an iranian in charge of opec. the saudis have had to put forward their own man, as well, to replace him. is there going to be a delay? i spoke toal badri. listen to what he had to say about that and oil prices. >> do not jump to conclusion. let us -- let us hear what the conference will say. >> in terms of the oil price, sir. appears ostensibly everyone's happy with the current price. would you say the storm clouds are brewing in terms of levels of inventories, the amount of supply needed from opec compared to what it's currently pumping? >> when you look at the political situation, the situation in the united states, the fiscal cliff, you look at a lot of factors, there are really -- they contradict each other. i don't know where the price will go up or go down. i think the price will stay the same for next year. i don't think the price will come down. yes, there is some -- maybe 59, maybe 30 million dollars day, five-year average. and that's 30 million barrel only, the five-year average, as far as the stock is c
and the saudis don't want an iranian in charge of opec. the saudis have had to put forward their own man, as well, to replace him. is there going to be a delay? i spoke toal badri. listen to what he had to say about that and oil prices. >> do not jump to conclusion. let us -- let us hear what the conference will say. >> in terms of the oil price, sir. appears ostensibly everyone's happy with the current price. would you say the storm clouds are brewing in terms of levels of...
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as well as the unrest here in kuwait of course as an opec member any sort of unrest on the streets is bound to have some sort of impact on oil prices as well as the pentagon's plans to use the oil rich nation as a hub for its get ground forces in order to build up a countering force to the perceived threats by iran of course kuwait is home to three u.s. military bases watching the stats increase in numbers here with all of the main withdrawal from afghanistan a closer look this is what you see captain of r t two eight. meanwhile protesters are rallying in egypt against what they call an oppressive regime firing to stop a new constitution seen as undermining democratic freedoms the draft was hastily. approved by the by an islamist dominated assembly on friday which added fuel to the political crisis sparked last week when president morsi ashamed sweeping new powers journalist truly explains why protest is are opposing the draft so strongly they say is that a first of all it's drafted by islamist dominated assembly it doesn't represent egypt on top of that of course is the sharia law an
as well as the unrest here in kuwait of course as an opec member any sort of unrest on the streets is bound to have some sort of impact on oil prices as well as the pentagon's plans to use the oil rich nation as a hub for its get ground forces in order to build up a countering force to the perceived threats by iran of course kuwait is home to three u.s. military bases watching the stats increase in numbers here with all of the main withdrawal from afghanistan a closer look this is what you see...
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respond with a heavy hand force what happens here has implications far beyond kuwait's borders as an opec member any sort of unrest is bound to affect oil markets the country is also a hub for the pentagon's ground forces with thousands of combat troops stationed here as a military counterweight to iran now the gulf monarchies have been struggling to fend off possible instability from the arab spring with varying degrees of success kuwait has largely seen as the most tolerant of the countries in this region but the worry is of course that the trend could be reversed recent months have seen as fleeting clashes between a position groups and security forces who have used tear gas stun grenades and rubber bullets to disperse crowds of political gatherings of more than twenty people have been banned and activists are complaining of the clampdown against sent authorities and did allow thousands of protesters to gather for a peaceful rally on friday but the worry is. as that the next few weeks are bound to test the limits of the government's tolerance as well as the self control displayed by the
respond with a heavy hand force what happens here has implications far beyond kuwait's borders as an opec member any sort of unrest is bound to affect oil markets the country is also a hub for the pentagon's ground forces with thousands of combat troops stationed here as a military counterweight to iran now the gulf monarchies have been struggling to fend off possible instability from the arab spring with varying degrees of success kuwait has largely seen as the most tolerant of the countries...
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heavy hand now what happens here in kuwait has implications far beyond the country's borders as an opec member any sort of on a rest is bound to have an effect on world oil prices the country also serves as a hub for the pentagon's ground forces with thousands of american combat troops stationed here as a military council wait to hear from the gulf monarchies as a whole have been struggling to stave off the effects of the arab spring with varying degrees of success kuwait is largely seen as the most tolerant of all the trees but the worry is that the trend could be reversed over the past few months the country has seen increasingly violent escalating protests between the opposition and security forces with the latter using tear gas stun grenades and rubber bullets to disperse crowds political parties are banned as are political gatherings of more than twenty people and activists are claiming of a clampdown against dissent here in this country authorities that did allow thousands of the opposition demonstrators to gather in a largely peaceful rally on. friday of course the coming weeks a
heavy hand now what happens here in kuwait has implications far beyond the country's borders as an opec member any sort of on a rest is bound to have an effect on world oil prices the country also serves as a hub for the pentagon's ground forces with thousands of american combat troops stationed here as a military council wait to hear from the gulf monarchies as a whole have been struggling to stave off the effects of the arab spring with varying degrees of success kuwait is largely seen as the...
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out of this debt number three on the list is opec. opec is an entity. that's the countries of ecuador and venezuela and india and bahrain and iran and iraq and kuwait and amman and qatar and saudi arabia and the u.a.e., algeria, ga been a, -- gabon, nigeria. they're now number three on the list and they own $267 billion of our debt. brazil comes in at number four, $250.5 billion. and then number five on the list, new to the list, the top five list, the caribbean banking centers. now own $240.4 billion of u.s. debt. by the way, caribbean banking centers are the bahamas, bermuda, cayman islands, netherlands and panama. this is who owns us. this is who owns our debt. and this is why on this side of the aisle, what we continue to say is the spending has to be dealt with. we have seen -- we've heard from everybody. we are hearing from economists all around the globe. and they repeatedly say what we are saying, what we've been saying for years as week of come to this floor. is that we have a spending problem. the spending has to be dealt with. we are drowning
out of this debt number three on the list is opec. opec is an entity. that's the countries of ecuador and venezuela and india and bahrain and iran and iraq and kuwait and amman and qatar and saudi arabia and the u.a.e., algeria, ga been a, -- gabon, nigeria. they're now number three on the list and they own $267 billion of our debt. brazil comes in at number four, $250.5 billion. and then number five on the list, new to the list, the top five list, the caribbean banking centers. now own $240.4...
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. >> opec and the fed, hey, u.s. production up. let's go to sharon epperson at the nymex. >> oil has really been on the move since the open a few minutes ago. not so much opec, which still packed with the current quota around 30 million barrels per day, it is producing more than that. but we are hearing, of course, from opec itself that saudi arabia has reduced its production in november to the lowest level in a year. so that seems to be a way that they will adhere closer to the current quota. we're also looking at the latest report from the international energy agency which may have more of an impact where oil prices are going in this session. they're looking for slightly demand in 2013. and they're pointing to china for the reason. we're anticipating we'll get the report from the energy department at 10:30 a.m. on oil supplies. the expectation is for a slight decline in food supplies. but we did see a major build in the industry report, if that is confirmed we could see these gains short-lived. back to you. >> all right. thank yo
. >> opec and the fed, hey, u.s. production up. let's go to sharon epperson at the nymex. >> oil has really been on the move since the open a few minutes ago. not so much opec, which still packed with the current quota around 30 million barrels per day, it is producing more than that. but we are hearing, of course, from opec itself that saudi arabia has reduced its production in november to the lowest level in a year. so that seems to be a way that they will adhere closer to the...
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this chart shows the comparative growth in crude oil supply among a number of non-opec countries. you see the u.s. obliterating the rest of the world. employment des moinin oil and gd to the highest level in 1992. we still provide a tiny sliver just under 200,000. the net oil imports are craters and a now a number of analysts predict in the near future the u.s. is producing more oil than any other country in the world. by round 2020 a recent international agency reports that the u.s. is predicted to become the largest oil producer and starts to see the impact of new fuel efficiency measures and transport. it results in a continued fall in u.s. imports to the extend that north america is a net oil exporter around 2030. yes, that's right. the united states, which is according to the spokes people from the coal industry already the saudi arabia of coal, which is now essentially tied with russia as the single largest producer of natural gas in the world could find itself the world's biggest oil producer on a consistent basis for the first time since the first half of the 20th century.
this chart shows the comparative growth in crude oil supply among a number of non-opec countries. you see the u.s. obliterating the rest of the world. employment des moinin oil and gd to the highest level in 1992. we still provide a tiny sliver just under 200,000. the net oil imports are craters and a now a number of analysts predict in the near future the u.s. is producing more oil than any other country in the world. by round 2020 a recent international agency reports that the u.s. is...
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Dec 10, 2012
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it required outstanding diplomacy and -- to balance the risks and demands of peace in the sort of opec security environment of the cold war period, which perhaps, perhaps most people to remember but perhaps some do not. so, before turning the program over to marvin though, i would just like to mention, we have a new book that's very pertinent to the subject, the reagan-gorbachev arms control breakthrough, edited by david t. jones, and dedicated to ambassador, the late ambassador maynard whitman, who was the principal inf treaty negotiator and leader of or inf delegation. and copies of this book are available at the baca the room for those of you who would like to purchase one afterwards. so without further a due it's my pleasure, to wish all happy holidays and to turn the program over to marvin. marvin? >> thank you very much, this. it's always a pleasure for me to be asked to come here to moderate a panel. my life has been absolved with the foreign service for an awful long time. though i only work in the foreign service for a year and a half. 1956-seven and moscow. but since that tim
it required outstanding diplomacy and -- to balance the risks and demands of peace in the sort of opec security environment of the cold war period, which perhaps, perhaps most people to remember but perhaps some do not. so, before turning the program over to marvin though, i would just like to mention, we have a new book that's very pertinent to the subject, the reagan-gorbachev arms control breakthrough, edited by david t. jones, and dedicated to ambassador, the late ambassador maynard...
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also what's going to happen with the fed meeting and an opec meeting on wednesday. back to you. >> sharon, thank you so much for that. bob pisani is here at post 9. i'm sure you're going to talk about market action as it relates to what the speaker said a few moments ago. >> did you watch john boehner the speaker of the house? normally coolool and collected. looking a littles by frustrated. two-sentence answers. a little unusual for the speaker of the house and sort of very brusque and basically walked off on the press conference very quickly. good reason to be frustrated. let me give you some of the highlights of what a lot of people are talking about here. forget everything. don't go over the fiscal cliff but pass a simple tax bill. what would it entail? expend the tax cuts to those making under $250,000. increase taxes on dividends and capital gains to 23.6%. number three, know estate tax, payroll tax cut, unemployment benefits extension. basically strip everything out. no delay in sequestration. does this look like it would satisfy wall street? i don't think so.
also what's going to happen with the fed meeting and an opec meeting on wednesday. back to you. >> sharon, thank you so much for that. bob pisani is here at post 9. i'm sure you're going to talk about market action as it relates to what the speaker said a few moments ago. >> did you watch john boehner the speaker of the house? normally coolool and collected. looking a littles by frustrated. two-sentence answers. a little unusual for the speaker of the house and sort of very brusque...
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Dec 28, 2012
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at the moment, really we've got to see what opec wants to do. last year, the impact of the embargo wasn't -- was like a six week impact and it was forgotten about very quickly. and if you think about it, last year was a very, very steady year for oil prices. wti, as you said, is going to post the lowest rise in several years. in fact, i looked back in my forecast that i had for wti at the beginning of 2012. and it was $111 $a barrel. i moved it down to $110 in the middle of the year thinking it might get a little weaker and poked around and did absolutely nothing. >> i wonder whether the question is going to come back again into the oil markets given that we're looking at the israeli elections coming up in january. but back to the u.s. story, i find it hugely interesting, this notion of u.s. becoming energy independent on its own. do you really think it will happen? because i still talk to a couple of people in the oim and gas industry that say, you know what? it's a far cry from the reality out there. we're still going to see the middle east be
at the moment, really we've got to see what opec wants to do. last year, the impact of the embargo wasn't -- was like a six week impact and it was forgotten about very quickly. and if you think about it, last year was a very, very steady year for oil prices. wti, as you said, is going to post the lowest rise in several years. in fact, i looked back in my forecast that i had for wti at the beginning of 2012. and it was $111 $a barrel. i moved it down to $110 in the middle of the year thinking it...
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just how china comes into play here or sometimes even some of the middle eastern partners are where opec comes in and start to address crisis or supply in particular or technically how the market trades itself around that band. there was never really a premise to where people were looking for that to exceed 27 or '8, it started getting into the 30 level because of fundamental breakdowns. and i think that's the reason why a lot of people are starting to look at the historics to see if we hit that moving average which is much lower. >> michael gur ka from spectrum asset management, thank you so much. and thank you, everyone, for tuning into the show. i'm kelly evans. ross westgate will be back here tomorrow morning. now it's time for "squawk box" in the u.s. we'll keep an eye on the markets. have a great day. >>> good morning. president obama and john boehner meet face-to-face on sunday. does it mean we're any closer to the solution to the fiscal cliff? >>> a news conference by chairman ben bernanke, set for wednesday.
just how china comes into play here or sometimes even some of the middle eastern partners are where opec comes in and start to address crisis or supply in particular or technically how the market trades itself around that band. there was never really a premise to where people were looking for that to exceed 27 or '8, it started getting into the 30 level because of fundamental breakdowns. and i think that's the reason why a lot of people are starting to look at the historics to see if we hit...
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. >> and in just the last few minutes, the opec secretary said he doesn't see any threat from u.s. shale product, this after the uae minister has suggested a response from the oil ministers in vienna. gary ross, welcome. >> nice to be here. >> the shale revolution in the u.s., is it a game changer as much as we're hearing from jamie dimon, arcelormittal? do you think this is going to make the u.s. energy independent, almost? >> well, we think it is. it's huge. we've statemented about 11110 billion pounds of recovery oil from shale crude. u.s. product will be going up overall, about a million barrels a day in 2013. about 65% of it will be shale crude. and it will continue to grow. >> people should understand we're not just talking about gas. we're talking about methods that's right.extract more oil. gas is clearly surplus. we're going to have l&g exports in the united states. we have a long-term growth phenomenon for natural gas. what people don't realize is how huge the oil is. when we talk about $110 billion of recovered oil, that's on 7.5% recovery rate. the resource itself is hu
. >> and in just the last few minutes, the opec secretary said he doesn't see any threat from u.s. shale product, this after the uae minister has suggested a response from the oil ministers in vienna. gary ross, welcome. >> nice to be here. >> the shale revolution in the u.s., is it a game changer as much as we're hearing from jamie dimon, arcelormittal? do you think this is going to make the u.s. energy independent, almost? >> well, we think it is. it's huge. we've...
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there's a lot to look forward to, david, on this front with the opec meeting next week as well. back to you. >> thank you very much sharon epperson. >> we did want to note for the viewers, a fairly large hedge fund that was in the news for not good reasons. diamondback capital management, a fund run by richard shimmal and larry kipanzi. richard schimel is the e ex-brother in law. lock capital management. two of those had already closed. level global has closed, in fact one of us founders, andrew chasen is on trial right now. diamondback went down to about $2 billion, but as of this morning, that is no long ter case. the hedge fund saying that given redemption requests came in about 26% of total asset ors $520 million. it would be left with $1.45 billion apparently that's just not enough to run the successful hedge fund. they did have 140 or so people working for them. not sure how much they have trended that. as of now, their seven-year track record at this point. but they have spending redemptions as you might expect. rushing all of the assets to fund holders. often times in th
there's a lot to look forward to, david, on this front with the opec meeting next week as well. back to you. >> thank you very much sharon epperson. >> we did want to note for the viewers, a fairly large hedge fund that was in the news for not good reasons. diamondback capital management, a fund run by richard shimmal and larry kipanzi. richard schimel is the e ex-brother in law. lock capital management. two of those had already closed. level global has closed, in fact one of us...
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opec's 2013 target is around $100. i think we'll move up into the mid-90s and probably press through that $100. one of the burdens we have is we do have an abundance of supply in the u.s. the u.s. won't export any crude oil, but i think the possibility of us starting to consume more, would drive and help support those higher prices. >> when you put on those longs, i'm wondering, because this week is a holiday shortened week. congress is coming back on the 27th. is this a trade for 2013? >> yeah, it is more of a trade for 2013. i wiould start to look at fartherer out contracts, to like december 2013, and play the entire year's action, just by being long that one contract. but i would strongly wait until after the beginning of the year, because of the weaker volume, the lack of participants. and i think that the price is really going to shop around. >> nat gas prices taking a step back. what do you see in the immediate future and what is the main catalyst here? the weather seems to be sort of calm. >> yeah. that's the is
opec's 2013 target is around $100. i think we'll move up into the mid-90s and probably press through that $100. one of the burdens we have is we do have an abundance of supply in the u.s. the u.s. won't export any crude oil, but i think the possibility of us starting to consume more, would drive and help support those higher prices. >> when you put on those longs, i'm wondering, because this week is a holiday shortened week. congress is coming back on the 27th. is this a trade for 2013?...